The mortgages are located in Kentucky. The portfolio’s weighted average note rate is 4.102% and the weighted average servicing fee is 25.11 basis points. There are no delinquencies and no bankruptcies but one foreclosure and the average loan balance is $82,542.
All but one of the 115 mortgages are 30 year and 15 year fixed rate loans.
Bids are due on Oct. 17 at 5 p.m.
A new Basel III proposal offers mixed results for warehouse lending, with some risk-weight relief for banks but tougher terms that could crimp credit availability for nonbank mortgage lenders.
Roughly a third of homeowners with a mortgage rate less than 6% would not give up their rate for any reason, according to a survey of 1,000 mortgage holders.
In other news, Better Mortgage completed warehouse renewals and Wolters Kluwer provided a new form of access to its digital vault platform for secured parties.
A United Wholesale Mortgage executive stepped in to defend a claim against the company, as consumers pelt the industry with more spam call complaints.
Adam Boyd, a veteran financial services executive with more than 25 years of experience, will head the growth of Rate's consumer lending platform.
Washington State charged Newrez after a consumer investigation, with the notice following recent enforcement action against Luminate Home Loans.
